To the Editor:

Now that Colton homeowners have received their 2015 school tax bill and have in many cases seen their taxes more than triple, the reality of the settlement with Brookfield Renewable Energy has hit them hard.

Simply put, what is taking place is the transfer of the assets of the residents of Colton—often their life savings—to Brookfield Asset Management, which is the owner of Brookfield Renewable. Over the next few years, Brookfield Renewable will see a 30 million dollar reduction in assessed value of the dams that the company owns, and the shortfall in tax revenue must be borne by the town's homeowners.

That Brookfield was granted the reduction is as unfathomable as it is appalling. The six hydroelectric stations in question—Carry Falls, Stark, South Colton, Five Falls, Higley, and Colton—are extremely valuable and profitable assets that become more so every year. As Brookfield Renewable states on its website: “We focus primarily on long-life renewable power assets...which are well positioned to appreciate in value over time...We aim to deliver an average annual total return of 12%-15% to shareholders.”

The company's strategy is simple: buy an energy-producing asset and then commence legal proceedings to have its assessment value reduced. To be sure, Brookfield is not alone in this strategy: it is used by utilities and energy companies throughout the country, whether the asset in question be a dam owned by Brookfield or an oil refinery belonging to Valero Energy Corp. Companies take their profits out of the communities in which they operate and leave homeowners to foot the bill for whatever damage the companies might cause.

The huge increase in taxes will put an intolerable burden on the elderly homeowners of Colton, some of whom could barely manage their previous payments. Again, this problem is not specific to Colton. AARP has warned recently that nationwide, foreclosures tied to delinquent tax payments are a growing crisis for older homeowners and that aggressive taxing authorities are increasingly seizing and selling the elderly's homes as a way to generate revenue.

It is beyond comprehension that the financial interests of an international holding company with over $200 billion in assets should be placed over the human needs of the people of Colton.

Kevin Beary

Colton